HMRC has discontinued with effect from 19 March its practice of restricting foreign tax credits where a chargeable gain is calculated by reference to a longer period of ownership for foreign tax purposes than for UK tax (eg where the UK gain is fixed by reference to March 1982 value) or the UK gain is less than the foreign gain. Revenue & Customs Brief 17/10 said: 'We have reconsidered our view and are revising our practice so that the whole of the foreign tax is allowable … up to the amount of the UK tax on the gain.'
A return submitted on the basis of a restricted credit may be amended if it is still open or within the self-assessment window for amendment HMRC said. In other cases where the credit has been restricted additional...
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HMRC has discontinued with effect from 19 March its practice of restricting foreign tax credits where a chargeable gain is calculated by reference to a longer period of ownership for foreign tax purposes than for UK tax (eg where the UK gain is fixed by reference to March 1982 value) or the UK gain is less than the foreign gain. Revenue & Customs Brief 17/10 said: 'We have reconsidered our view and are revising our practice so that the whole of the foreign tax is allowable … up to the amount of the UK tax on the gain.'
A return submitted on the basis of a restricted credit may be amended if it is still open or within the self-assessment window for amendment HMRC said. In other cases where the credit has been restricted additional...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
